October 16, 2009
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo 103-0022
Nippon Accommodations Fund Inc.
Representative Executive Director Nobuyuki Nakai(Code number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
Representative President and CEO Nobuyuki Nakai
Contact CFO and Director Morio Shibata(TEL 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Properties
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on the acquisition of real estate
properties in Japan as shown below.
1. Reason for acquisition
Based on the provisions for investments and policies on asset management provided in Article of Incorporation,
the decision to acquire the following properties was made to ensure the steady growth of the whole portfolio, andfor the diversification and further enhancement of the investment portfolio in Tokyo's 23 wards and regional corecities designated by government ordinance.
2. Overview of acquisitions
Type of property to
be acquired
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate

Name of property to be acquired
Property 1
Property 2
Property 3
Property 4
Property 5
Property 6
Property 7
Property 8
Property 9
Property 10
Property 11
Property 12
Property 13
Property 14
Property 15
Property 16
Property 17
Property 18

Park Axis Naka Gofukumachi
Park Axis Nishigahara
Park Axis Kinshicho
Park Axis Tatsumi Stage
Park Axis Shirakabe
Park Axis Sendai
Park Axis Kameido
Park Axis Honancho
Park Axis Itabashi
Park Axis Oshiage
Park Axis Takadanobaba
Park Axis Hakata Minoshima
Park Axis Takamiya Higashi
Park Axis Sapporo Shokubutsuen Mae
Park Axis Toyosu
Park Axis Hatchobori
Park Axis Itabashi Honcho
Park Axis Sumiyoshi
Total

Acquisition price (Note)(Thousands of yen)
742,000
840,000
1,448,000
7,464,000
1,547,000
2,320,000
2,359,000
745,000
1,448,000
1,193,000
1,222,000
960,000
605,000
1,650,000
14,300,000
1,760,000
987,000
1,006,000
42,596,000(Note) “Acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed property taxes,
urban planning taxes, consumption taxes, and local consumption taxes) specified in the real estate sales contract withcondition precedent for the properties to be acquired.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
1(1)Date of conclusion of sales contract(2)

Planned dates of handover
Property 1 to Property 13
November 5, 2009 (Note)
Property 14 and Property 15
December 1, 2009
Property 16 to Property 18
January 8, 2010
Sellers
Property 1 to Property 13, Property 16 to Property 18:
Mitsui Fudosan Co., Ltd.
Property 14 and Property 15:
Mitsui Fudosan Residential Co.,Ltd.
Acquisition funds
Net proceeds from and borrowings for issuance of new
investment units through the public offering and third party
allocation stated in “Notification Concerning Issuance of New
Investment Units and Secondary Offering of Investment Units”
released on October 16, 2009.
Method of payment
Full payment at the time of delivery

(3)

(4)

(5)

October 16, 2009

(Note) Pursuant to the real estate sales contract with condition precedent, the planned date of handover may be changed toeither November 6, 9 or 10, 2009.

3. Description of the properties to be acquired(1) Outline of the properties to be acquired(a) Property 1: Park Axis Naka Gofukumachi
Name of property to be acquired

Park Axis Naka Gofukumachi

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥742,000 thousand

Appraisal company

Morii Appraisal & Investment Consulting, Inc.

Appraised value (Note 2)¥807,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 2009
2-11, Naka-Gofuku-machi, Hakata-ku, Fukuoka-shi, Fukuoka
80%500%, 400%
Commercial zone
610.93m²
Proprietorship
August 27, 2007

Special features of the property

Flat-roofed reinforced concrete structure / 15 stories
Apartment building
3,489.42m²
Proprietorship
112
2,707.88m²
None
None
The property has good accessibility to the nearest station and transport
convenience. It is 2 minutes walk from Gofukumachi Station on the Fukuoka
City Subway Hakozaki Line and 7 minutes walk from Nakasukawabata
Station on the Fukuoka City Subway Airport Line.
Because the property is located in near proximity to the commercial area of
Hakata-ku and has good location conditions namely excellent accessibility to
the central urban area, steady rental demand can be expected to center on
single people, who value transport convenience and daily life convenience.
The property’s acquisition price is below the investment amount NAF
determined in its investment criteria (in principle 1 billion yen or more perproperty). Despite the acquisition price being less than 1 billion yen, thereasons for acquisition are the unique aspects of this property, and it isjudged that this will contribute to further enhancing NAF’s portfolio in regionalcore government-ordinance-designated cities.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
2

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

1
112
104
2,707.88
2,514.39
92.9
9,372

(b) Property 2: Park Axis Nishigahara
Name of property to be acquired

Park Axis Nishigahara

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥840,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥877,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 2009
2-45-10, Nishigahara, Kita-ku, Tokyo80%
400%, 300%
Neighborhood commercial zone
384.07m²
Proprietorship
October 19, 2007

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

Flat-roofed reinforced concrete structure / 10 stories
Apartment building/ parking lot/ bicycle parking lot/ garbage depot
2,073.01m²
Proprietorship46
1,435.83m²
None
None
The property is 1 minute walk from Nishigahara Station on the Tokyo Metro
Namboku Line. It has excellent accessibility to the nearest station andcomparatively good in terms of transport convenience to the central urban
area.
This area is enhanced by its shopping streets, notably those in the Sugamo
and Komagome districts. It has good daily life convenience, and also
excellent livability on account of its numerous greenery and its historic andcultural facilities such as Kyu-Furukawa-Teien, a nationally designated placeof scenic beauty.
Steady rental demand can be expected to center on single people andothers, who value transport convenience and inner-city daily life
convenience.
The property’s acquisition price is below the investment amount NAF
determined in its investment criteria (in principle 1 billion yen or more perproperty). Despite the acquisition price of less than 1 billion yen, the reasonsfor acquisition are the unique aspects of this property, and it is judged that
this will contribute to further enhance NAF’s portfolio in Tokyo’s 23 wards.
1
46
41
1,435.83
1,270.87
88.5
9,628

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
3

(c) Property 3: Park Axis KinshichoName of property to be acquired

Park Axis KinshichoType of property to be acquired

Real estate

Acquisition price (Note 1)¥1,448,000 thousand

Appraisal company

Morii Appraisal & Investment Consulting, Inc.

Appraised value (Note 2)¥1,580,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 2009
1-6-9, Taihei, Sumida-ku, Tokyo
80%
500%
Commercial zone
487.25m²
Proprietorship
December 14, 2007

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

Flat-roofed reinforced concrete structure / 14 stories
Apartment building/ bicycle parking lot
2,589.87m²
Proprietorship
65
2,288.13m²
None
None
The property is 6 minutes walk from the respective Kinshicho Stations of the
JR Sobu Line and the Tokyo Metro Hanzomon Line. This provides excellent
transport convenience to the central Tokyo area; for example, from theserespective stations, Tokyo can be directly accessed via the Sobu Line, while
Otemachi can be directly accessed via the Hanzomon Line.
On account of its daily life convenience due to the large-scale commercial
facility, restaurants and various other stores located around the nearest
station, steady rental demand can be expected to center on businessprofessionals and DINKs, who value location conditions.
1
65
65
2,288.13
2,288.13
100.0
17,673(d) Property 4: Park Axis Tatsumi Stage
Name of property to be acquired

Park Axis Tatsumi Stage

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥7,464,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥8,330,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form

September 30, 2009
2-1-56 Tatsumi, Koto-ku, Tokyo
60%
300%
Category 2 residential district
5,697.87m²
Proprietorship<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
4

Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

January 31, 2008
Flat-roofed reinforced concrete structure / 13 stories
Apartment building/ shop/ bicycle parking lot/ parking lot
22,479.66m²
Proprietorship
299 residentials, 1 retail
16,474.06m²
None
None
The property is 5 minutes walk from Tatsumi Station on the Tokyo Metro
Yurakucho Line. It has good accessibility to the nearest station and transport
convenience to the central urban area.
The area’s environment has abundant greenery, such as the Tokyo
Metropolitan Tatsuminomori-Kaihin Park and the Tatsuminomori-Ryokudo
Park.
Because this property has various residential facilities and provides a front
service, it thereby sufficiently satisfies the needs of its prospective tenants.
Steady rental demand can be expected from a broad range of lifestyles fromsingle people to families.
1
299 residentials, 1 retail277
16,474.06
15,017.33
91.2
93,781(e) Property 5: Park Axis Shirakabe
Name of property to be acquired

Park Axis Shirakabe

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥1,547,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥1,720,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 2009
2-14-27, Shirakabe, Higashi-ku, Nagoya-shi, Aichi
60%
200%
Category 1 residential district
2,545.43m²
Proprietorship
February 28, 2008
Steel reinforced concrete, flat-roofed reinforced concrete structure / 15
storiesApartment building/ warehouse/ pump room/ storeroom
5,132.10m²
Proprietorship
86
4,735.89m²
None
None

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
5

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)This property has good accessibility to the nearest station and transport
convenience. It is 4 minutes walk from Shimizu Station (Meitetsu Seto Line)and 13 minutes walk from Shiyakusho Station (Nagoya Municipal Subway
Meijo Line).
Located in Nagoya City’s foremost exclusive residential district. The area
also has good access to the commercial areas of Sakae and other districts
and its environment is abundant in nature, such as the Meijo Park on thenorthern side of Nagoya Castle. For these reasons, steady rental demandcan be expected to center on families and DINKs, who value lifestyle
convenience and livability.
1
86
81
4,735.89
4,461.47
94.2
20,093(f) Property 6: Park Axis Sendai
Name of property to be acquired

Park Axis Sendai

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥2,320,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥2,560,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 2009
1-8-2, Shintera, Wakabayashi-ku, Sendai-shi, Miyagi
80%
300%
Neighborhood commercial zone
3,641.76m²
Proprietorship
March 6, 2008

Special features of the property

Flat-roofed reinforced concrete structure / 13 stories
Apartment building/ garbage depot
9,465.33m²
Proprietorship
204
8,843.17m²
None
None
The property has good accessibility to the nearest station and transport
convenience. It is 11 minutes walk from Sendai Station on the JR Tohoku
Main Line etc. and 7 minutes walk from Itsutsubashi Station on the Sendai
Subway.
The area has good accessibility to commercial facilities and other facilities
of convenience located around Sendai Station. The property is part of alarge-scale redevelopment project that is comprised of commercial facilities,
medical treatment facilities, and condominiums and steady rental demandcan be expected to center on single people and families, who value inner-city
daily life convenience.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
6

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

1
204
198
8,843.17
8,509.28
96.2
34,708(g) Property 7: Park Axis Kameido
Name of property to be acquired

Park Axis Kameido

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥2,359,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥2,470,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 2009
1-8-6, Kameido, Koto-ku, Tokyo
80%
700%
Commercial zone
602.24m²
Proprietorship
March 28, 2008

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

Flat-roofed reinforced concrete structure / 14 stories
Apartment building/ parking lot/ bicycle parking lot
5,317.26m²
Proprietorship
118
3,986.78m²
None
None
The property has overall good accessibility to the nearest station andtransport convenience. It is 6 minutes walk from Kameido Station on the JR
Sobu Line and 10 minutes walk from Kinshicho Station on the JR Sobu Lineand the Tokyo Metro Hanzomon Line.
On account of its good daily life convenience due to various commercial
facilities, banks, medical treatment facilities and the like located around thenearest station, steady rental demand can be expected to center on working
adults, who value such location conditions.
1
118
117
3,986.78
3,960.71
99.3
28,516(h) Property 8: Park Axis Honancho
Name of property to be acquired

Park Axis Honancho

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥745,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥792,000 thousand<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
7

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

September 30, 20095-25-6, Minamidai, Nakano-ku, Tokyo
80%
400%
Neighborhood commercial zone
330.57m²
Proprietorship
July 31, 2008
Flat-roofed reinforced concrete structure / 10 stories
Apartment building/ parking lot/ bicycle parking lot
1,430.99m²
Proprietorship31
1,231.08m²
None
None
The property has good accessibility to the nearest station and transport
convenience. It is 4 minutes walk from Honancho Station on the Tokyo Metro
Marunouchi Line.
The area is a residential town with excellent transport and daily life
convenience; for example, it has very good accessibility to central city
locations such as Shinjuku and there are numerous restaurants and various
other stores located around the nearest station. For this reason, steadyrental demand can be expected to center on single people and DINKs.
The property’s acquisition price is below the investment amount NAF
determined in its investment criteria (in principle 1 billion yen or more perproperty). Despite the acquisition price of less than 1 billion yen, the reasonsfor acquisition are the unique aspects of this property, and it is judged that
this will contribute to further enhance NAF’s portfolio in Tokyo’s 23 wards.
131
29
1,231.08
1,140.58
92.6
9,125

(i) Property 9: Park Axis Itabashi
Name of property to be acquired

Park Axis Itabashi

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥1,448,000 thousand

Appraisal company

Morii Appraisal & Investment Consulting, Inc.

Appraised value (Note 2)¥1,610,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form

September 30, 20097-24-1, Takinogawa, Kita-ku, Tokyo
60%, 80%
300%, 400%
Category 1 residential district, Neighborhood commercial zone
831.87m²
Proprietorship<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
8

Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

October 31, 2008
Flat-roofed reinforced concrete structure / 9 stories
Apartment building/ parking lot/ bicycle parking lot
3,056.94m²
Proprietorship
64
2,567.96m²
None
None
The property has overall good accessibility to the nearest station andtransport convenience. It is 4 minutes walk from Itabashi Station on the JR
Saikyo Line and 8 minutes walk from Shin-itabashi Station on the Toei MitaLine.
The area has excellent daily life convenience due to the existence ofsupermarkets and various stores and it is also convenient for commuting tocentral city locations such as Otemachi and Shinjuku. For these reasons,steady rental demand can be expected to center on business professionals
and DINKs.
1
64
63
2,567.96
2,524.49
98.3
18,085(j) Property 10: Park Axis Oshiage
Name of property to be acquired

Park Axis Oshiage

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥1,193,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥1,260,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 2009
1-18-8, Oshiage, Sumida-ku, Tokyo
80%
500%
Commercial zone
453.83m²
Proprietorship
November 20, 2008
Flat-roofed reinforced concrete structure / 14 stories above ground and 1
underground story
Apartment building/ shop/ garages/ bicycle parking lot
2,369.80m²
Proprietorship
57 residentials, 1 retail
2,121.29m²
None
None

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
9Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

The property is 3 minutes walk from Oshiage Station on the Tokyo Metro
Hanzomon Line, Toei Asakusa Line, Keisei Oshiage Line and the Tobu
Isezaki Line. It has good accessibility to the nearest station and transport
convenience to the central urban area.
In the area, daily life convenience is assured as supermarkets, convenience
stores, banks and the like are right by the station. Also, the Tokyo Sky Tree iscurrently under construction and the surrounding area is planned fordevelopment.
Steady rental demand can be expected to center on single people andfamilies, who value transport convenience and daily life convenience.
1
57 residentials, 1 retail57
2,121.29
2,096.64
98.8
18,658(k) Property 11: Park Axis Takadanobaba
Name of property to be acquired

Park Axis Takadanobaba

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥1,222,000 thousand

Appraisal company

Morii Appraisal & Investment Consulting, Inc.

Appraised value (Note 2)¥1,410,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 20093-28-6, Takada, Toshima-ku, Tokyo
60%
400%
Light-industrial district
399.64m²
Proprietorship
November 28, 2008

Special features of the property

Flat-roofed reinforced concrete structure / 14 stories
Apartment building/ shop/ bicycle parking lot/ garbage depot
1,710.33m²
Proprietorship
36 residentials, 1 retail1,463.25m²
None
None
This property has excellent accessibility to the nearest station and transport
convenience to the central urban area. It is 5 minutes walk from
Takadanobaba Station on the Tokyo Metro Tozai Line and 6 minutes walkfrom Takadanobaba Station on the JR Yamanote Line and the Seibu
Shinjuku Line.
The area is extremely convenient on account of the various stores locatedaround the nearest station.
We expect rental demand for the property mainly from businessprofessionals and DINKs, who value transport convenience and daily life
convenience.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
10

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)1
36 residentials, 1 retail37
1,463.25
1,463.25
100.0
40,299(l) Property 12: Park Axis Hakata Minoshima
Name of property to be acquired

Park Axis Hakata Minoshima

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥960,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥1,070,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 2009
2-2-6, Minoshima, Hakata-ku, Fukuoka-shi, Fukuoka
80%500%, 300%
Commercial zone, Neighborhood commercial zone
731.98m²
Proprietorship
December 25, 2008

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

Flat-roofed reinforced concrete structure / 14 stories
Apartment building
3,660.44m²
Proprietorship
112
3,461.85m²
None
None
The property has overall good accessibility to the nearest station andtransport convenience. It is 16 minutes walk from Hakata Station on the JR
Kagoshima Main Line etc. and 15 minutes walk from Hakata Station on the
Fukuoka City Subway Airport Line.
The property is located in the central part of Fukuoka City, with good accessto the major business districts and commercial areas around Hakata Station.
Steady rental demand can be expected to center on single people and
DINKs, who value transport convenience and daily life convenience.
The property’s acquisition price is below the investment amount NAF
determined in its investment criteria (in principle 1 billion yen or more perproperty). Despite the acquisition price of less than 1 billion yen, the reasonsfor acquisition are the unique aspects of this property, and it is judged that
this will contribute to further enhance NAF’s portfolio in regional hub
government-ordinance-designated cities.
1
112
100
3,461.85
3,074.76
88.8
13,705<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
11

(m) Property 13: Park Axis Takamiya Higashi
Name of property to be acquired

Park Axis Takamiya Higashi

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥605,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥682,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 2009
1-18-23 Shimizu, Minami-ku, Fukuoka-shi, Fukuoka
60%
200%
Category 2 residential district
1,185.40m²
Proprietorship
March 3, 2009

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

Flat-roofed reinforced concrete structure / 7 stories
Apartment building
2,648.96m²
Proprietorship70
2,289.21m²
None
None
The property has good accessibility to the nearest station and transport
convenience. It is 8 minutes walk from Takamiya Station on the Nishi-Nippon
Railroad Tenjin Omuta Line.
The property is located in the central part of Fukuoka City, with good accessto the major business districts and commercial areas around Hakata Station.
Steady rental demand can be expected to center on single people and
DINKs, who value transport convenience and daily life convenience.
The property’s acquisition price is below the investment amount NAF
determined in its investment criteria (in principle 1 billion yen or more perproperty). Despite the acquisition price of less than 1 billion yen, the reasonsfor acquisition are the unique aspects of this property, and it is judged that
this will contribute to further enhance NAF’s portfolio in regional hub
government-ordinance-designated cities.
170
70
2,289.21
2,289.21
100.0
9,313

(n) Property 14: Park Axis Sapporo Shokubutsuen Mae
Name of property to be acquired

Park Axis Sapporo Shokubutsuen Mae

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥1,650,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥1,810,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication

September 30, 200911-11-1, Kita-gojo Nishi, Chuo-ku, Sapporo-shi, Hokkaido<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
12

Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

80%
400%
Commercial zone
2,075.95m²
Proprietorship
February 7, 2008
Flat-roofed reinforced concrete structure / 14 stories
Apartment building/ storeroom/ bicycle parking lot
10,102.23m²
Proprietorship
146
7,845.01m²
None
None
The property has good accessibility to the commercial centers around
Sapporo Station and near Odori Park and it has transport convenience anddaily life convenience. It is 10 minutes walk from Nishi Juitchome Station on
the Sapporo Municipal Subway Tozai Line and 14 minutes walk from
Sapporo Station on the JR Hakodate Main Line etc.
On the south side of the property is the expansive, nature-rich Botanic
Garden, Facility of Agriculture, Hokkaido University and steady rental
demand can be expected to center on DINKs and families, who value
inner-city daily life convenience.
1
146
136
7,845.01
7,286.91
92.9
11,745(o) Property 15: Park Axis Toyosu
Name of property to be acquired

Park Axis Toyosu

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥14,300,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥15,100,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 2009
1-2-39, Toyosu, Koto-ku, Tokyo
60%
300%
Light-industrial district
7,073.96m²
Proprietorship
March 26, 2008
Flat-roofed reinforced concrete structure / 20 stories above ground and 1
underground story
Apartment building/ shop/ bicycle parking lot/ parking lot
34,805.76m²
Proprietorship
401 residentials, 2 retails
25,537.94m²
None
None

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
13

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

The property has good accessibility to the central urban area. It is 8 minutes
walk from Toyosu Station on the Tokyo Metro Yurakucho Line, 10 minutes
walk from Toyosu Station on the Yurikamome. The train journey to Tokyo
Station takes 9 minutes (when changing to the JR Yamanote Line at
Yurakucho Station).
Also, the large-scale property has many elements that make it an exclusive
rental apartment. A greenery-rich environment, which includes a public parkand open space, has been formed, and in addition to a lounge, fitness roomand garden spa and other common facilities, the property also provides
concierge services.
The property also contains a range of unit sizes that meets various needs
ranging from the single people to families.
In recent years the area has been undergoing rezoning and redevelopment.
The former sites of large factories and distribution centers etc., have beenused for the construction of large-size office buildings and high-rise
condominiums and the like. The area’s environment has rapidly evolved
from a factory belt to one where offices and residences are side by side.
In addition to the completions of Urban Dock LaLaport Toyosu, Shibaura
Institute of Technology Toyosu Campus, Toyosu IHI Building and others,
high-rise condominiums utilizing water frontage views—the property
included—have been constructed during 2008 and 2009, one after the other,and the town is steadily gaining popularity.
1
401 residentials, 2 retails
362
25,537.94
22,616.53
88.6
195,252(p) Property 16: Park Axis Hatchobori
Name of property to be acquired

Park Axis Hatchobori

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥1,760,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥1,840,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 2009
2-12-6, Shinkawa, Chuo-ku, Tokyo80%
700%, 500%
Commercial zone
426.17m²
Proprietorship
March 31, 2009
Flat-roofed reinforced concrete structure / 12 stories above ground and 1
underground story
Apartment building/ shop/ parking lot/ bicycle parking lot
3,240.64m²
Proprietorship
63 residentials, 1 retail2,416.29m²
None
None

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
14

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

The property has excellent accessibility to the nearest station and transport
convenience. It is 3 minutes walk from Hatchobori Station on the JR Keiyo
Line, 6 minutes from Hatchobori Station on the Tokyo Metro Hibiya Line and7 minutes walk from Kayabacho Station on the Tokyo Metro Hibiya Line andTozai Line.
The property is located in the central urban area, with extremely goodaccess to the business areas around Tokyo Station and the commercial
areas around Ginza Station and other areas. Steady rental demand can be
expected to center on single people and DINKs, who value transport
convenience and daily life convenience.
1
63 residentials, 1 retail48
2,416.29
1,568.29
64.9
15,996(q) Property 17: Park Axis Itabashi Honcho
Name of property to be acquired

Park Axis Itabashi Honcho

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥987,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥1,040,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 200912-11, Miyamotocho, Itabashi-ku, Tokyo
80%, 60%
500%, 200%
Commercial zone, Light-industrial district
510.79m²
Proprietorship
May 15, 2009

Special features of the property

Flat-roofed reinforced concrete structure / 12 stories
Apartment building/ bicycle parking lot/ garages
2,590.91m²
Proprietorship
66
2,048.31m²
None
None
The property has good accessibility to the nearest station and transport
convenience. It is 4 minutes walk from Itabashi-honcho Station on the Toei
Mita Line.
This area has convenient accessibility for commuting to business locationsin the central urban area; also, it has good daily life convenience withrestaurants, retail stores and the like located at the nearest station. For thesereasons, steady rental demand can be expected to center on single people
and DINKs, who value transport convenience and daily life convenience.
The property’s acquisition price is below the investment amount NAF
determined in its investment criteria (in principle 1 billion yen or more perproperty). Despite the acquisition price of less than 1 billion yen, the reasonsfor acquisition are the unique aspects of this property, and it is judged that
this will contribute to further enhance NAF’s portfolio in Tokyo’s 23 wards.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
15

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

1
66
25
2,048.31
742.1436.2
4,604(r) Property 18: Park Axis Sumiyoshi
Name of property to be acquired

Park Axis Sumiyoshi

Type of property to be acquired

Real estate

Acquisition price (Note 1)¥1,006,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value (Note 2)¥1,040,000 thousand

Date of value appraisal (Note 2)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure/ number ofstories (Note 5)
Uses (Note 5)
Buildings
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

September 30, 20095-5-7, Kotobashi, Sumida-ku, Tokyo
60%
300%
Light-industrial district
627.21m²
Proprietorship
May 29, 2009

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area (m²)
Rented area (m²)
Occupancy rate (%)
Deposit (thousand yen)

Flat-roofed reinforced concrete structure / 7 stories
Apartment building/ parking lot/ bicycle parking lot
2,380.73m²
Proprietorship60
1,785.72m²
None
None
The property has good accessibility to the nearest station and transport
convenience. It is 6 minutes walk from Sumiyoshi Station (Tokyo Metro
Hanzomon Line and Toei Shinjuku Line) and 8 minutes walk from Kikukawa
Station on the Toei Shinjuku Line.
The area has both convenience and excellent livability. Not only does it
have excellent accessibility to the central urban area, it also has parks suchas Sarueonshi Park. Steady rental demand can be expected to center on
single people and DINKs.
1
60
45
1,785.72
1,418.16
79.4
10,385(Note 1): “Acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed property taxes,
urban planning taxes, consumption taxes, and local consumption taxes) specified in the real estate sales contract withcondition precedent for the properties to be acquired.
(Note 2): “Appraised value” and “Date of value appraisal” for Property 1, Property 3, Property 9 and Property 11 are stated based on
the amount mentioned in the real estate appraisal report which Morii Appraisal & Investment Consulting, Inc. prepared forthe properties to be acquired. For the other properties, such are stated based on the amount mentioned in the real estateappraisal report which Daiwa Real Estate Appraisal Corporation prepared for the properties to be acquired.
(Note 3): “Site area” of the Land item denotes the land area as entered in the register as of September 30, 2009.
(Note 4): “Completion date” of the Buildings item denotes the date as entered in the register as of September 30, 2009.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
16

(Note 5): “Structure/ number of stories”, “Uses” and “Gross floor area” are stated based on the entries in the register as of
September 30, 2009.
(Note 6): “Special affairs” denotes matters which NAF recognizes as important as of September 30, 2009, taking into consideration
their effects on title-related matters, use, appraised value, profitability, etc. of the properties to be acquired.
(Note 7): Description of the “Details of tenants” column:(i) “Total number of tenants” is denoted as “1” where a master lease contract (blanket lease contract) has been concluded
with a master lease company. As to the properties to be acquired, NAF has concluded master lease contracts withmaster lease companies, that is, Mitsui Fudosan Co., Ltd., for Property 14, and Mitsui Fudosan Housing Lease Co.,
Ltd., for the rest of the properties. The above “Total number of tenants” means the total number of tenants after
conclusion of the said master lease contracts. Also, for Property 14, NAF plans to change the property managementcompany and master lease company to Mitsui Fudosan Housing Lease Co., Ltd. after acquisition.
(ii) “Rentable units” denotes the number of rentable units in the properties to be acquired.
(iii) Figures for “Rented units”, “Rented area”, and “Deposit” are based on information provided by the seller, valid as of
September 30, 2009.
(iv) “Rentable area” denotes the total rentable area of the building of the properties to be acquired(v) All calculations of ratios for "Occupancy rate," "Rented area," and "Rentable area" were rounded to one decimal place.

(2) Effect on NAF financial position in the event of inability to execute forward commitments, etc.
Property 14, Property 15, Property 16, Property 17 and Property 18 are applicable as forward commitments(Note) by investment corporations as provided for in the revised general supervisory policy for financial
instruments firms pursuant to the partial amendment of the Guidelines for Financial Instruments BusinessSupervision released by the Financial Services Agency on January 30, 2009.
In the event of a violation of the terms and conditions of any sales contract related to the above properties(the “Sales Contract”) with respect to NAF or the sellers, the opposing parties may cancel the Sales Contract andclaim an amount equivalent to 20% of the trading value of the property whose contract was cancelled as apenalty.
However, the sale of the above properties as per the Sales Contract is with condition precedent that the fundprocurement necessary for the acquisition of said properties as special provision is effected by NAF. Therefore, inthe event such fund procurement cannot be effected by NAF, the Sales Contracts are definitively invalidated and,excluding for reasons attributable to NAF, its obligation to pay a penalty to the sellers concerning the invalidationof sales contracts is voided.
(Note): Referring to a postdated sales contract under which payment and delivery shall be made at least 1 month after theconclusion of the contract, or any other contract similar thereto.

(3) Outline of investigations into the state of the building, etc.
Name of property to beacquiredInvestigatingcompany

Investigation reportdate

Estimated
urgentrepair cost(Thousandsof yen)Estimatedshort-term
repair cost(Thousandsof yen)Estimated
long-term
repair cost(Thousandsof yen)Building
replacement
value(Thousandsof yen)Property 1: Park Axis Naka
Gofukumachi

Takenaka
Corporation

January 11, 2008――

66,010609,000

Property 2: Park Axis
Nishigahara

Sumitomo Mitsui
Construction Co., Ltd.

January 31, 2008――

14,981

417,567

Property 3: Park Axis Kinshicho

Sumitomo Mitsui
Construction Co., Ltd.

September 5, 2008――

37,318669,277

Property 4: Park Axis Tatsumi
Stage

Sumitomo Mitsui
Construction Co., Ltd.

September 5, 2008――

116,251

3,930,019

Property 5: Park Axis Shirakabe

Takenaka
Corporation

June 24, 2008――

61,9101,099,176

Property 6: Park Axis Sendai

Sumitomo Mitsui
Construction Co., Ltd.

May 21, 2008――

63,1501,794,909

Property 7: Park Axis Kameido

Sumitomo Mitsui
Construction Co., Ltd.

May 30, 2008――

34,372

1,148,768

Property 8: Park Axis
Honancho

Sumitomo Mitsui
Construction Co., Ltd.

September 25, 2009――

18,719399,608<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
17

Property 9: Park Axis Itabashi

Sumitomo Mitsui
Construction Co., Ltd.

August 18, 2009――

38,143

798,750

Property 10: Park Axis Oshiage

Sumitomo Mitsui
Construction Co., Ltd.

August 18, 2009――

29,361

625,782

Property 11: Park Axis
Takadanobaba

Sumitomo Mitsui
Construction Co., Ltd.

August 18, 2009――

21,695456,267

Property 12: Park Axis Hakata
Minoshima

Sumitomo Mitsui
Construction Co., Ltd.

September 25, 2009――

44,394

909,338

Property 13: Park Axis
Takamiya Higashi

Sumitomo Mitsui
Construction Co., Ltd.

September 25, 2009――

20,493

612,554

Property 14: Park Axis Sapporo
Shokubutsuen
Mae

Sumitomo Mitsui
Construction Co., Ltd.

October 3, 2008――

52,542

1,547,361

Property 15: Park Axis Toyosu

Shimizu Corporation

September 15, 2009――

283,189

7,443,000

Property 16: Park Axis
Hatchobori

Sumitomo Mitsui
Construction Co., Ltd.

August 18, 2009――

24,786790,124

Property 17: Park Axis Itabashi
HonchoSumitomo Mitsui
Construction Co., Ltd.

September 25, 2009――

19,266

609,075

Property 18: Park Axis
Sumiyoshi

Sumitomo Mitsui
Construction Co., Ltd.

September 25, 2009――

18,373529,927

Name of property to be acquired
Property 1: Park Axis Naka Gofukumachi

PML (Note)
2.8%

Property 2: Park Axis Nishigahara

7.7%

Property 3: Park Axis Kinshicho

10.7%

Property 4: Park Axis Tatsumi Stage

10.0%

Property 5: Park Axis Shirakabe

6.1%

Property 6: Park Axis Sendai

5.7%

Property 7: Park Axis Kameido

11.0%

Property 8: Park Axis Honancho

8.0%

Property 9: Park Axis Itabashi

9.1%

Property 10: Park Axis Oshiage

10.5%

Property 11: Park Axis Takadanobaba

7.9%

Property 12: Park Axis Hakata Minoshima

2.9%

Property 13: Park Axis Takamiya Higashi

2.3%

Property 14: Park Axis Sapporo Shokubutsuen Mae

2.4%

Property 15: Park Axis Toyosu

7.8%

Property 16: Park Axis Hatchobori

9.1%

Property 17: Park Axis Itabashi Honcho

9.2%

Property 18: Park Axis Sumiyoshi

11.4%(Note): “PML” value is based on a report on earthquake risk diagnosis made by Sumitomo Mitsui Construction Co., Ltd. However,
the report on earthquake risk diagnosis only states the views of Sumitomo Mitsui Construction Co., Ltd. and does notprovide any guarantee for its contents. PML represents the rate of probable maximum loss to be caused by earthquakes.
In this case, it means the extent of damage to be caused by one of the biggest earthquakes anticipated to happen within
the expected duration of service (the biggest earthquake which happens once every 475 years = 10% chance of a big
earthquake happening once every 50 years) represented by the rate (%) of the estimated cost of restoration from thedamage to the replacement cost.

Profiles of third party investigative body
Trade nameHead office address
Representative
CapitalDescription of principal operations
Relationship with NAF or investment
trust management company

Shimizu Corporation
1-2-3, Shibaura, Minato-ku, Tokyo
Yoichi Miyamoto, President and Chief Executive Officer¥74,365 million
Executing construction work such as building and civil engineering works
on contract (general contractor) and others.
None<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
18

Trade nameHead office address
Representative
CapitalDescription of principal operations
Relationship with NAF or investment
trust management company
Trade nameHead office address
Representative
CapitalDescription of principal operations
Relationship with NAF or investment
trust management company

Sumitomo Mitsui Construction Co., Ltd.
5-25, Nishi-Shinjuku 7-chome, Shinjuku-ku, Tokyo
Hisaya Igarashi, President and Chief Executive Officer¥12,003 million
Design and construction of civil engineering, building, prestressed
concrete work and related operations, and others.
None
Takenaka Corporation
4-1-13, Honmachi, Chuo-ku, Osaka
Toichi Takenaka, President and Chief Executive Officer¥50,000 million
Performing on contracts, design and supervision of construction work andcivil engineering, and others.
None

4. Outline of sellers(1) Property 1 to Property 13, Property 16 to Property 18
Trade nameHead office address
Representative

Mitsui Fudosan Co., Ltd.
2-1-1, Nihonbashi-Muromachi, Chuo-ku, Tokyo
Hiromichi Iwasa, President and Chief Executive Officer
Acquisition, ownership, disposition, lease, sale and management of real
Description of operations
estate.
Capital¥174,296 million
Date of establishment
July 15, 1941
Net assets¥796,627 million (as of March 31, 2009)
Total assets¥3,208,824 million (as of March 31, 2009)
Stockholder nameShareholding ratio
7.36%
Major stockholders and shareholding The Master Trust Bank of Japan, Ltd. (trust account)
Japan Trustee Services Bank, Ltd. (trust account)
6.72%
ratio
Japan Trustee Services Bank, Ltd. (trust account 4G)
5.22%(As of March 31, 2009)
The Chuo Mitsui Trust and Banking Company, Ltd.
2.49%
State Street Bank and Trust Company 505041
2.38%
Relationships between NAF or the investment trust management company, and the seller
The seller holds 5.81% of total NAF investment units issued as of August
Capital relationships
31, 2009 and all shares of the investment trust management company.
As of August 31, 2009, one executive director of NAF and 8 employees
Personal relationships
and directors of the investment trust management company (excluding
part-time directors) are seconded from the seller.
There are no business relationships to report between NAF or theBusiness relationships
investment trust management company, and the seller, for the period
ended August 31, 2009.
The seller does not fall under the category of related parties of NAF. Also,
Applicability to related parties
the seller is the parent company of the investment trust managementcompany.

(2) Property 14 and Property 15
Trade nameHead office address
Representative
Description of operations
CapitalMitsui Fudosan Residential Co.,Ltd.
3-1-20, Nihonbashi-Muromachi, Chuo-ku, Tokyo
Mitsuhiro Matsumoto, President and Representative Director
Sales of housing land operations, residential sales operations and new
operations (resort residence operations, overseas operations, etc.)¥40,000 million<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
19

Date of establishment
December 26, 2005
Net assets
Not disclosed
Total assets
Not disclosed
Major stockholder and shareholding
Stockholder nameShareholding ratio
ratio
Mitsui Fudosan Co., Ltd.
100.0%(As of March 31, 2009)
Relationships between NAF or the investment trust management company, and the seller
There are no capital relationships to report between NAF and the seller.
Capital relationships
Also, the seller is a subsidiary of Mitsui Fudosan Co., Ltd. which is theparent company of the investment trust management company.
There are no personal relationships to report between NAF or the
Personal relationships
investment trust management company, and the seller.
There are no business relationships to report between NAF or theBusiness relationships
investment trust management company, and the seller, for the period
ended August 31, 2009.
The seller does not fall under the category of related parties of NAF. Also,
Applicability to related parties
the seller is a subsidiary of Mitsui Fudosan Co., Ltd. which is the parent
company of the investment trust management company.

5. Transactions with related parties and the like
Since Mitsui Fudosan Co., Ltd. and Mitsui Fudosan Residential Co.,Ltd. which are sellers of properties to NAF,
constitute related parties and the like (Note), in accordance with NAF’s self-established rules on asset
management relevant to transactions with related parties and the like, real estate sales contracts with condition
precedent have been carried out through deliberation and decision by the compliance committee of theinvestment trust management company and the investment committee.
In addition, Mitsui Fudosan Housing Lease Co., Ltd., which is to be the master lease company and property
management company for all the properties to be acquired, also constitutes related parties and the like (Note),therefore the master lease and property management contract is scheduled to be carried out through deliberationand decision by the compliance committee of the investment trust management company and the investmentcommittee by the planned date of handover for each property to be acquired.
(Note): "Related parties and the like" means related parties and the like of an investment trust management company which has
concluded an asset management contract with NAF, as determined in the Order for Enforcement of the Act on Investment
Trust and Investment Corporation, Article 123.

6. Situation of the acquirer of the property
Property 1: Park Axis Naka Gofukumachi
Property 2: Park Axis Nishigahara
Property 3: Park Axis Kinshicho
Property 4: Park Axis Tatsumi Stage
Property 5: Park Axis Shirakabe
Property 6: Park Axis Sendai
Property 7: Park Axis Kameido
Property 8: Park Axis Honancho
Property 9: Park Axis Itabashi
Property 10: Park Axis Oshiage
Property 11: Park Axis Takadanobaba
Property 12: Park Axis Hakata Minoshima
Property 13: Park Axis Takamiya Higashi
Property 18: Park Axis Sumiyoshi

Situation of the property
ownerCompany name,person’s name
Relationship with a
special related party
Acquisition history,reason, etc.
Acquisition price(including other costs)
Acquisition time

Former owner

Owner before theformer owner

Mitsui Fudosan Co., Ltd.

None

Parent company of theinvestment trust
management company
Development with goal of
sale

―
―

―

―

―

―

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
20

Situation of the property
ownerCompany name,person’s name
Property 14: Park Axis Sapporo
Shokubutsuen Mae
Property 15: Park Axis Toyosu

Relationship with a
special related party
Acquisition history,reason, etc.
Acquisition price(including other costs)
Acquisition time

Property 16: Park Axis Hatchobori

Mitsui Fudosan Residential
Co.,Ltd.
A wholly owned subsidiary of
Mitsui Fudosan Co., Ltd.
which is the parent companyof the investment trust
management company
Development with goal ofsale

Owner before theformer owner
None

―

―

―

―

―

―

Situation of the property
ownerFormer owner

Company name,person’s name

Mitsui Fudosan Co., Ltd.

Relationship with a
special related party

Parent company of theinvestment trust
management company―

Acquisition history,reason, etc.

Acquisition with goal of sale―

Acquisition price(including other costs)
Acquisition time

Property 17: Park Axis Itabashi Honcho

Former ownerNot disclosed (due to noconsent is acquired from theowner before the former
owner)March 31, 2009

Owner before theformer owner
Other thanspecial relatedparties――Situation of the property
ownerFormer owner

Company name,person’s name

Mitsui Fudosan Co., Ltd.

Relationship with a
special related party

Parent company of theinvestment trust
management company―

Acquisition history,reason, etc.

Acquisition with goal of sale―

Acquisition price(including other costs)
Acquisition time

Not disclosed (due to noconsent is acquired from theowner before the former
owner)
May 15, 2009

Owner before theformer owner
Other thanspecial relatedparties――

7. Earthquake resistance matters
Property 15, Property 16, Property 17 and Property 18 received a structural calculation conformity judgment
pursuant to the Building Standards Act as revised by Act No. 92 of 2006.
Regarding other properties, NAF outsourced the inspection and verification of the details ofearthquake-resistant structures including structural calculation sheets and, for corresponding buildings, obtained
confirmation that, no falsification is suspected in the structural calculation and structural drawings with respect totheir structure, which ensures earthquake resistance as per the Building Standards Act.
In addition, NAF always examines earthquake risks during the course of due diligence upon acquisition ofproperties, from perspectives that are different to building certification investigations performed by an inspection<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
21and certification agency. NAF makes a decision on acquisition after performing appropriate analysis of earthquake
risks of the property to be acquired, independently considering the structural earthquake-resistance of the building
to be acquired, based on drawing reviews using structure drawings, structural design outlines, etc.
8. Outlines of brokerage
There was no brokerage for the transaction concerning acquisition of the property.
9. Outlook for management of the properties after acquisition
As stated in “Notification Concerning Financial Results Forecast for the Periods Ending February 28, 2010
and August 31, 2010” released on October 16, 2009.

••

The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange(Kabuto Club) and the Ministry of Land, Infrastructure and Transport, and to the press club of theconstruction trade newspaper of the Ministry of Land, Infrastructure and Transport.
NAF website: http://www.naf-r.jp

Please note that this English translation of the Japanese original document is provided solely for information
purposes. In the event of any discrepancy between the Japanese original and this English translation, theJapanese original shall prevail.
<Attached Documents>
1. Summary of the appraisal report on the amount of the properties to be acquired
2. Portfolio list after the purchase of the properties to be acquired is completed (on an acquisition (planned) pricebasis)
3. Photographs of exteriors and entrances of the properties to be acquired<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
22

<Attached Document 1> Summary of the appraisal report on the amount of the properties to be acquired(unit: Thousands of yen)
Name of property to be acquired
Appraised value (specified value)
Assessment item(a) Unit rental revenues,
including commons area
fees(b) Utilities revenues(c) Parking lot revenues(d) Other revenues
Operating
Revenues from key
revenues
money, etc.
Renewal fees
Other revenues(1) (a) + (b) + (c) + (d)(e) Total loss from vacancies etc.
(f) Loss on bad debts(2) Operating revenues [(1) - (e)] - (f)](g) Maintenance expense(h) Utilities expense(i) Repair expense
Operating (j) Property management fees
expenses (k) Tenant soliciting fee, etc.
(l) Taxes and public dues(m) Property insurance fee(n) Other expenses(3) Operating expenses[(g) + (h) + (i) + (j) + (k) + (l) + (m) + (n)](4) Net operating income [(2) – (3)](o) Earnings from temporary
deposits(p) Capital expenditures(5) Net income [(4) + (o)] - (p)](6) Cap rate
Value of earnings calculated by the direct
capitalization method [(5) ÷ (6)]Value calculated by discounted cash flow
methodDiscount rate
Terminal cap rate
Cost method value
Total value of land and building
Land value
Building value
Adjustment

Property 1
Park Axis
Naka
Gofukumachi
807,000

Property 2

Property 3

Park Axis
Nishigahara

Park Axis
Kinshicho

877,000

Property 4
Park Axis
Tatsumi Stage

1,580,000

8,330,000

Details
75,22566,424

107,139576,747

0
4,368
2,223

0
3,900
676

0
2,100
6,479

0
46,656
17,132

312

0

3,296

9,698

0
1,911
81,8164,717
077,099
4,887
1,718
3,270
3,811
2,971
5,499
190
269

556
120
71,0014,491
066,510
2,760
1,459
1,468
2,308
1,814
4,246
126
273

2,158
1,025
115,7186,484
0
109,234
3,457
1,245
2,213
4,253
3,229
4,501
208
390

5,781
1,651
640,535
40,5010
600,034
14,0858,307
11,75920,45913,74534,443
1,258
5,273

22,615

14,457

19,496109,332

54,48452,05289,738490,702

194

195

318

1,700

3,851
50,8276.2%

1,204
51,0435.8%

2,177
87,8795.5%

11,334
481,0695.8%

820,000

880,000

1,600,000

8,290,000

793,000

876,000

1,560,000

8,340,000

5.9%
6.5%
774,000
774,000
188,000
586,000
0

5.6%
6.0%
645,000
644,988244,141
400,847
0

5.2%
5.8%
1,050,000
1,046,000
401,000
645,000
0

5.6%
6.0%
6,380,000
6,380,181
2,569,739
3,810,442
0<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
23

(unit: Thousands of yen)
Name of property to be acquired
Appraised value (specified value)
Assessment item(a) Unit rental revenues,
including commons area
fees(b) Utilities revenues(c) Parking lot revenues(d) Other revenues
Operating
Revenues from key
revenues
money, etc.
Renewal fees
Other revenues(1) (a) + (b) + (c) + (d)(e) Total loss from vacancies etc.
(f) Loss on bad debts(2) Operating revenues [(1) - (e)] - (f)](g) Maintenance expense(h) Utilities expense(i) Repair expense(j) Property management fees(k) Tenant soliciting fee, etc.
(l) Taxes and public dues(m) Property insurance fee(n) Other expenses(3) Operating expenses[(g) + (h) + (i) + (j) + (k) + (l) + (m) + (n)](4) Net operating income [(2) – (3)](o) Earnings from temporary
deposits(p) Capital expenditures(5) Net income [(4) + (o)] -(p)](6) Cap rate
Value of earnings calculated by the direct
capitalization method [(5) ÷ (6)]Value calculated by discounted cash flow
methodDiscount rate
Terminal cap rate
Cost method value
Total value of land and building
Land value
Building value
Adjustment
Operatingexpenses

Property 5
Park Axis
Shirakabe
1,720,000

Property 6
Park Axis
Sendai
2,560,000

Property 7
Park Axis
Kameido2,470,000

Property 8
Park Axis
Honancho
792,000

Details
134,941

213,687

174,176

57,0260
13,1762,749

017,136
4,513

0
6,300
8,064

0
1,920
1,150

2,483

4,438

6,318

216

0
266
150,8678,723
0
142,143
4,729

075
235,336
11,541
0
223,795
8,477

1,458
288
188,5419,968
0178,572
5,578

2,578

2,567

1,447

597
336
60,0963,235
056,861
2,698
804

2,919
4,888
3,592
10,629
335
1,102

7,116
7,677
6,298
17,401
560
3,579

3,538
5,977
4,722
9,318
360
1,301

1,164
1,961
1,225
3,056
123
346

30,77553,67932,245

11,380111,368

170,116

146,327

45,480

394

636

513

169

3,611
108,151
6.2%

5,176
165,575
6.4%

3,313
143,5285.8%

1,152
44,4975.6%

1,740,000

2,590,000

2,470,000

795,000

1,710,000

2,550,000

2,470,000

790,000

6.0%
6.4%
1,520,000
1,516,272
450,541
1,065,731
0

6.2%
6.6%
2,270,000
2,274,290
542,622
1,731,668
0

5.6%
6.0%
1,680,000
1,676,262
567,969
1,108,293
0

5.4%
5.8%
622,000
622,272
222,750
399,5220<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
24

(unit: Thousands of yen)
Property 9
Name of property to be acquired
Appraised value (specified value)
Assessment item(a) Unit rental revenues,
including commons area
fees(b) Utilities revenues(c) Parking lot revenues(d) Other revenues
Operating
Revenues from key
revenues
money, etc.
Renewal fees
Other revenues(1) (a) + (b) + (c) + (d)(e) Total loss from vacancies etc.
(f) Loss on bad debts(2) Operating revenues [(1) - (e)] - (f)](g) Maintenance expense(h) Utilities expense(i) Repair expense
Operating (j) Property management fees
expenses (k) Tenant soliciting fee, etc.
(l) Taxes and public dues(m) Property insurance fee(n) Other expenses(3) Operating expenses[(g) + (h) + (i) + (j) + (k) + (l) + (m) + (n)](4) Net operating income [(2) – (3)](o) Earnings from temporary
deposits(p) Capital expenditures(5) Net income [(4) + (o)] - (p)](6) Cap rate
Value of earnings calculated by the direct
capitalization method [(5) ÷ (6)]Value calculated by discounted cash flow
methodDiscount rate
Terminal cap rate
Cost method value
Total value of land and building
Land value
Building value
Adjustment

Park Axis
Itabashi

Property 10
Park Axis
Oshiage

1,610,000

Property 11

1,410,000

Property 12
Park Axis
HakataMinoshima
1,070,000

Park Axis
Takadanobaba

1,260,000
Details

111,398

92,16690,423

94,453

0
4,947
6,654

0
1,008
4,099

0
3,780
3,867

0
6,912
4,493

3,414

3,319

1,674

4,193

2,235
1,005
122,9998,593
0114,406
3,359
1,920
2,357
4,449
4,342
6,332
244
197

660
120
97,2734,642
092,631
3,046
1,155
1,934
3,102
2,291
5,059
192
769

1,370
823
98,0706,958
091,112
3,419
956
1,322
3,367
3,028
4,246
145
108

0
300
105,858
10,067
0
95,790
3,724
1,884
2,964
3,205
2,837
8,001
535
2,357

23,20017,551

16,591

25,511

91,20675,08074,521

70,278

329

342

749

279

2,225
89,3105.5%

1,804
73,6175.8%

1,266
74,004
5.2%

2,622
67,9356.2%

1,620,000

1,270,000

1,420,000

1,100,000

1,590,000

1,260,000

1,390,000

1,060,000

5.2%
5.8%
1,350,000
1,346,000
549,000
797,000
0

5.6%
6.0%
1,000,000
1,003,226
379,082
624,144
0

4.9%
5.5%
910,000
910,000
455,000
455,000
0

6.0%
6.4%
1,160,000
1,163,152
256,193
906,959
0<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
25

(unit: Thousands of yen)
Property 13
Name of property to be acquired
Appraised value (specified value)
Assessment item(a) Unit rental revenues,
including commons area
fees(b) Utilities revenues(c) Parking lot revenues(d) Other revenues
Operating
Revenues from key
revenues
money, etc.
Renewal fees
Other revenues(1) (a) + (b) + (c) + (d)(e) Total loss from vacancies etc.
(f) Loss on bad debts(2) Operating revenues [(1) - (e)] - (f)](g) Maintenance expense(h) Utilities expense(i) Repair expense
Operating (j) Property management fees
expenses (k) Tenant soliciting fee, etc.
(l) Taxes and public dues(m) Property insurance fee(n) Other expenses(3) Operating expenses[(g) + (h) + (i) + (j) + (k) + (l) + (m) + (n)](4) Net operating income [(2) – (3)](o) Earnings from temporary
deposits(p) Capital expenditures(5) Net income [(4) + (o)] - (p)](6) Cap rate
Value of earnings calculated by the direct
capitalization method [(5) ÷ (6)]Value calculated by discounted cash flow
methodDiscount rate
Terminal cap rate
Cost method value
Total value of land and building
Land value
Building value
Adjustment

Property 14

Property 15

Property 16

Park Axis
ToyosuPark Axis
Hatchobori

Park Axis

Park Axis
Takamiya
Higashi

SapporoShokubutsuen
Mae

682,000

1,810,000

15,100,000

1,840,000

Details
57,799166,173

1,081,179

125,568

0
3,828
2,762

0
8,052
83

0
77,22035,316

0
2,772
4,470

2,615

0

18,851

3,670

0
147
64,3893,081
061,308
2,283
1,412
2,162
2,054
1,818
5,796
391
1,422

0
83
174,308
10,4530
163,855
4,389
4,271
5,703
5,734
4,041
16,302
485
3,243

11,3375,127
1,193,715
64,67801,129,037
81,58023,172
22,24238,45926,26964,294
2,270
2,767

799
0
132,8106,256
0
126,553
3,048
877
2,343
4,272
3,393
6,942
249
641

17,342

44,172

261,057

21,76843,966

119,682

867,980

104,785

174

233

3,839

413

1,766
42,373
6.2%

4,462
115,453
6.4%

21,465
850,354
5.6%

2,278
102,9215.5%

683,000

1,800,000

15,200,000

1,870,000

681,000

1,820,000

15,100,000

1,830,000

6.0%
6.4%
805,000

6.2%
6.6%
1,900,000

5.4%
5.8%
12,300,000

805,185

1,895,577

12,266,935

5.3%
5.7%
1,450,000
1,450,504

174,254
630,9310402,734
1,492,843
05,086,177
7,180,758
0660,548789,956
0<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
26

Name of property to be acquired
Appraised value (specified value)(unit: Thousands of yen)
Property 17
Property 18
Park Axis
Park Axis
Itabashi
Sumiyoshi
Honcho1,040,000
1,040,000

Assessment item(a) Unit rental revenues,
including commons area
fees(b) Utilities revenues(c) Parking lot revenues(d) Other revenues
Operating
Revenues from key
revenues
money, etc.
Renewal fees
Other revenues(1) (a)+(b)+(c)+(d)(e) Total loss from vacancies etc.
(f) Loss on bad debts(2) Operating revenues [(1) -(e)] -(f)](g) Maintenance expense(h) Utilities expense(i) Repair expense(j) Property management fees
Operating(k) Tenant soliciting fee, etc.
expenses(l) Taxes and public dues(m) Property insurance fee(n) Other expenses(3) Operating expenses[(g)+(h)+(i)+(j)+(k) +(l)+(m)+(n)](4) Net operating income [(2) – (3)](o) Earnings from temporary
deposits(p) Capital expenditures(5) Net income [(4) +(o)] -(p)](6) Cap rate
Value of earnings calculated by the direct
capitalization method [(5)÷(6)]Value calculated by discounted cash flow
methodDiscount rate
Terminal cap rate
Cost method value
Total value of land and building
Land value
Building value
Adjustment

Details
78,477

79,336

0
4,056
1,824

0
2,160
3,939

878

3,089

585
360
84,3584,937
079,420
3,216
1,115
2,008
2,728

706
144
85,4354,506
080,929
4,405
972
1,768
2,699
2,060

2,384
5,073
175
524

4,651
162
835

17,225

17,55562,19563,373

234

236

1,756
60,6735.7%

1,528
62,0815.9%

1,060,000

1,050,000

1,030,000

1,030,000

5.5%
5.9%
928,000
927,944
300,597
627,347
0

5.6%
6.2%
846,000
845,538
299,713545,825
0

NAF requested real estate appraisals for the properties to be acquired, by Morii Appraisal & Investment Consulting, Inc. for Property
1, Property 3, Property 9 and Property 11, and by Daiwa Real Estate Appraisal Corporation for the other properties, based on points tonote when appraising real estate from the Act on Securities Investment Trust and Securities Investment Corporations, and based on the
Act on Real Estate Appraisal (1963 Law No. 152, including later amendments) and on real estate appraisal standards. The above figures
record a summary of the real estate appraisal reports prepared. Each corresponding appraisal valuation is the judgment and opinion of
the appraiser at a fixed point in time, with no guarantees as to the validity or accuracy of these reports, nor the possibility of transactions
at the appraised values.
Yen amounts are rounded down to the nearest thousand yen.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
27

<Attached Document 2> Portfolio list after the purchase of the properties to be acquired is completed (on an
acquisition (planned) price basis)
Name

Location

Okawabata Apartment Communities
Park Axis Gakugei Daigaku
Park Axis Shibuya Jinnan
Park Axis Aoyama Kotto-doriPark Axis Kagurazaka Stage
Park Axis Shirokanedai
Park Axis Bunkyo Stage
Park Axis Tsukishima
Park Axis Otsuka
Park Axis Minami Azabu
Park Axis Shibuya
Park Axis Nihonbashi Stage
Park Axis Hamamatsucho
Park Axis Hongo No Mori
Park Axis Tameike Sanno
Park Axis Roppongi Hinokicho Park
Park Axis Ochanomizu Stage
Park Axis Okachimachi
Park Cube Hongo
Park Cube Kanda
Park Cube Ichigaya
Park Cube Asakusa Tawaramachi
Park Cube Ueno
Park Cube Ikebukuro Kanamecho
Park Axis Meguro Honcho
Park Axis Shin Itabashi
Park Axis Akihabara
Park Axis Toyocho
Park Axis Takinogawa
Park Axis Asakusabashi
Park Axis Nihonbashihamacho
Park Cube Yoyogi Tomigaya
Park Axis Monzen Nakacho
Park Cube Itabashi Honcho
Park Cube Gakugei Daigaku
Park Cube Oimachi

Chuo-ku, Tokyo
Setagaya-ku, Tokyo
Shibuya-ku, Tokyo
Minato-ku, Tokyo
Shinjuku-ku, Tokyo
Minato-ku, Tokyo
Bunkyo-ku, Tokyo
Chuo-ku, Tokyo
Toshima-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Chuo-ku, Tokyo
Minato-ku, Tokyo
Bunkyo-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Bunkyo-ku, Tokyo
Taito-ku, Tokyo
Bunkyo-ku, Tokyo
Chiyoda-ku, Tokyo
Shinjuku-ku, Tokyo
Taito-ku, Tokyo
Taito-ku, Tokyo
Toshima-ku, Tokyo
Meguro-ku, Tokyo
Itabashi-ku, Tokyo
Chiyoda-ku, Tokyo
Koto-ku, Tokyo
Kita-ku, Tokyo
Taito-ku, Tokyo
Chuo-ku, Tokyo
Shibuya-ku, Tokyo
Koto-ku, Tokyo
Itabashi-ku, Tokyo
Meguro-ku, Tokyo
Shinagawa-ku, Tokyo

Price of(planned)acquisition(Note 1)
29,696
1,760
3,230
1,730
1,400
5,140
4,440
930
1,655
3,939
1,282
7,557
2,025
2,910
2,860
2,170
9,710
1,070
1,760
2,454
1,794
2,508
2,233
1,608
1,810
3,430
1,200
3,950
1,820
2,717
5,540
1,975
1,700
4,170
910
1,440

Portfolio
share(Note 2)
16.5
1.0
1.8
1.0
0.8
2.9
2.5
0.5
0.9
2.2
0.7
4.2
1.1
1.6
1.6
1.2
5.4
0.6
1.0
1.4
1.0
1.4
1.2
0.9
1.0
1.9
0.7
2.2
1.0
1.5
3.1
1.1
0.9
2.3
0.5
0.8

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
28

Name
Park Axis Nishigahara
Park Axis Kinshicho
Park Axis Tatsumi Stage
Park Axis Kameido
Park Axis Honancho
Park Axis Itabashi
Park Axis Oshiage
Park Axis Takadanobaba
Park Axis Toyosu
Park Axis Hatchobori
Park Axis Itabashi Honcho
Park Axis Sumiyoshi
Tokyo 23 wards total
Park Cube Keio Hachioji
Park Cube Keio Hachioji II
Park Axis Nishifunabashi
Greater Tokyo total (Note 3)
Park Axis Meieki Minami
Park Axis Marunouchi
Park Axis Ropponmatsu
Park Axis Hakataeki Minami
Park Axis Naka Gofukumachi
Park Axis Shirakabe
Park Axis Sendai
Park Axis Hakata Minoshima
Park Axis Takamiya Higashi
Park Axis Sapporo Shokubutsuen
Mae
Other major cities total (Note 4)
Total

Location
Kita-ku, Tokyo
Sumida-ku, Tokyo
Koto-ku, Tokyo
Koto-ku, Tokyo
Nakano-ku, Tokyo
Kita-ku, Tokyo
Sumida-ku, Tokyo
Toshima-ku, Tokyo
Koto-ku, Tokyo
Chuo-ku, Tokyo
Itabashi-ku, Tokyo
Sumida-ku, Tokyo
Hachioji-shi, Tokyo
Hachioji-shi, Tokyo
Funabashi-shi, Chiba

Price of(planned)acquisition(Note 1)
840
1,448
7,464
2,359
745
1,448
1,193
1,222
14,300
1,760
987
1,006
161,296
991
1,130
1,020
3,141

Nakamura-ku,
Nagoya-shi, Aichi
Naka-ku, Nagoya-shi,
Aichi
Chuo-ku, Fukuoka-shi,
Fukuoka
Hakata-ku,
Fukuoka-shi, Fukuoka
Hakata-ku,
Fukuoka-shi, Fukuoka
Higashi-ku,
Nagoya-shi, Aichi
Wakabayashi-ku,
Sendai-shi, Miyagi
Hakata-ku,
Fukuoka-shi, Fukuoka
Minami-ku,
Fukuoka-shi, Fukuoka
Chuo-ku, Sapporo-shi,
Hokkaido

Portfolio
share(Note 2)
0.5
0.8
4.1
1.3
0.4
0.8
0.7
0.7
7.9
1.0
0.5
0.6
89.6
0.6
0.6
0.6
1.7

2,440

1.4

1,920

1.1

1,515

0.8

1,890

1.0

742

0.4

1,547

0.9

2,320

1.3

960

0.5

605

0.3

1,650

0.9

15,589180,0268.7
100.0(Note 1) “Price of (planned) acquisition” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed property
taxes, urban planning taxes, consumption taxes and local consumption taxes) of the property which NAF acquired or theproperty to be acquired. Amounts less than one million yen have been rounded off.
(Note 2) “Portfolio share” means the percentage resulting from the acquisition price of the property acquired or the property to beacquired compared with the total amount, rounded to the nearest one decimal place.
(Note 3) “Greater Tokyo” indicates Tokyo metropolis (excluding Tokyo’s 23 wards), and the 3 prefectures of Kanagawa, Saitama andChiba.
(Note 4) “Other major cities” indicates the regional core cities designated by government ordinance.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
29

<Attached Document 3> Photographs of exteriors and entrances of the properties to be acquired
1. Park Axis Naka Gofukumachi<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
30

2. Park Axis Nishigahara<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
31

3. Park Axis Kinshicho<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
32

4. Park Axis Tatsumi Stage<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
33

5. Park Axis Shirakabe<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
34

6. Park Axis Sendai<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
35

7. Park Axis Kameido<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
36

8. Park Axis Honancho<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
37

9. Park Axis Itabashi<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
38

10. Park Axis Oshiage<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
39

11. Park Axis Takadanobaba<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
40

12. Park Axis Hakata Minoshima<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
41

13. Park Axis Takamiya Higashi<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
42

14. Park Axis Sapporo Shokubutsuen Mae<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
43

15. Park Axis Toyosu<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
44

16. Park Axis Hatchobori<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
45

17. Park Axis Itabashi Honcho<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
46

18. Park Axis Sumiyoshi<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate
properties and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment
taking full responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or
any corrections thereof, prepared by NAF.
47